Accounting is a very important and unavoidable aspect of an institution or a business entity. Accounting mainly deals with the financial aspect of an organization.
The process of accounting includes, the detailed and regular recording of all the financial transactions, making reports of all the financial activities, and the analysis of the individual and overall financial performance of the company.
There are some rules or principles that are followed by the accountant while doing the accounting activity. With the help of accounting the company can analyze its net profit and loss and can act accordingly to improve the final performance.
1. Adding It All Up: Salary And Compensation For Accountants And Auditors
When we look up at the fact of job growth or the salary range for accountants and auditors, we can see that by 2020 the job growth is about 16%, which is average for most of the jobs. The median pay rate for accountants and auditors are found to be $61,690.
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2. 2013 Workforce And Salary Trends
The salary trends and the business trends for 2013 shows that, 92% of business leaders plan to increase their headcounts. Majority are believing that the salaries will be the same during the year. Economic factors that influence the spending decisions are: Interest rates, commodity prices, Healthcare reform, presidential elections, etc.
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3. Shadow Accounting: A Look Inside Hedge Funds
Hedge funds are widely used now days as the alternative private investment vehicle. Shadow accounting uses two sets of financial books for the more accurate identification and rectification of accounting mistakes. This is mainly used today by Hedge fund managers, traders, fund of fund managers, pensions, endowment funds, and corporations.
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4. Accounting CRM Can Improve Sales For Small Business
The applications for customer relationship management have very great advantage, which is the customer data management which are from different sources. These apps can increase sales up to 29%, it can increase the sales productivity upto 34% and forecast accuracy by 42%. This can manage aspects like real time feed, emails, leads, social media, tasks, performance, contacts etc.
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5. Payroll And Tax Deductions
An employee’s earnings are affected by the payroll deductions. The most common 6 types are: Federal Income Tax, Social security, wage garnishment, state income tax, Medicare tax and others.
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6. The Rise Of Forensic Accounting
The forensic accounting area is having greater job opportunities with good remuneration and are included in the courses of many of the reputed colleges. At the beginning time of FBI there were only 64 investigators, which was in 1908. In the beginning of 1970s, FBI entrusted accounting Technicians to deal with difficult to solve financial cases.
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7. Accounting Fraud
Accounting frauds are on the rise in the recent years like money laundering. These can be detected and prevented by various methods, but the best one is by tips.
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8. The Top Ten Most In Demand Accounting And Finance Positions For 2013
The top ten categories in the accounting and finance job sectors are: Accounts payable/ receivable specialist, Senior Collections Representative, Consumer credit Analyst, Accountant, Mortgage Underwriter, Credit Analyst, Tax Accountant, Financial Analyst, Payroll Manager and Cost Accounting Manager respectively.
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9. Major Accounting Scandals
Corporate accounting scandals have occurred many times in history, most of these scandals involved the creation of annual financial reports which were false ones. The gross earnings were exaggerated by the company CEOs to meet stockholder expectations. Some of the major accounting scandals in the history are by: Satyam computer services, AIG, Health South, Parmalat, Waste Management Inc. etc.
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10. Comparison Of The Top Accounting And Financial Apps
Accounting and financial apps are used now days for more accurate and precise results. These apps should be chosen wisely as the best one mostly covers all the needed functionalities for an accounting process. Some general inclusions that a financial app should have are the utilities for financial reporting, payroll, billing and invoicing, budgeting, accounts receivable, accounts payable, debt collection etc.
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11. Useful Data For Aspiring Accountants
The average salaries for various positions in financial and accounting field are: Tax accountants- $60,000, Forensic accountants: $72,000, Auditors-$66,000, Managerial accountant- $67,000, Financial Accountant- $61,000 etc. The aspirants which are aiming for an accounting career should have a degree in accounting and a certification with great enthusiasm and interest in accounting.
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12. The Big Picture: Fixed Assets
Fixed assets are a part of a business and these are inevitable. As the technology is also developing the new gadgets and other items have increased this trend of more fixed assets.
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13. The Ultimate Guide For Those Considering A Career In Accounting
Reports show that there will be a 16% job growth rate and more than 313,000 job openings throughout the past year. 76% of the accounting career needs a bachelor’s degree. There are some hard skills and soft skills which are necessary for achieving a successful position in accounting job sector.
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14. Evaluating Cloud Accounting Software
Financial and accounting processes are much efficient and fast these days, thanks to the use of cloud accounting software. When evaluating a cloud accounting software, some points that should be noted are: Background, preparation, evaluation and approval. For the ERP software purchase, decisions based on business, technology, corporate, business combination, vendor etc. are very important.
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15. Key Accounting Salary Trends In Australia
The Australian CFOs expect a rise in the salaries of their existing work force. Most expects a rise of 3- 4% increase in their salaries. The senior positions like the CFOs, Financial Managers, Commercial Managers and Finance Directors will experience a salary rise. For retaining the existing staffs, employers are offering additional benefits too.
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16. Ultimate 2013 IRA Cheat Sheet
The IRA limits of different types of accounts are changed in the year 2013 by the IRS. Maximum contribution limits for various IRAs are: Roth IRA- $5500, Traditional IRA- $5500, Simple IRA- $12,000, SEP IRA- 25% of an employee’s salary or $51,000. The limits for the individual retirement accounts are increasing which will be a beneficial fact.
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17. Inside The Accounting Industry
More than 20% rise is expected in the field of accounting in the coming years, so it will be a good decision to get into the field of accounting for the aspiring people.
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18. How Technology Changed Accounting From 1494 To 2013
Accounting sector has witnessed a tremendous growth because of the ever developing technologies. From the times when Luca Pacioli described the terms and aspects of accounting in the year 1494, accounting is developing and more technologies are incorporated to ease the process of accounting. The programs like VisiCalc and QuickBooks changed the entire way of doing accounting.
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19. Analyzing UK’s Self Employed Work Force
The report by boox on the UK’s self-employed work force or the freelancers shows that at least £88 million is spent on late filing of penalties by the freelancers. 42% of freelancers manage their finances themselves. 42% have hired an accountant and only 6% uses online accounting platforms with a personal account.
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20. Fraud Impact On Small Businesses
Occupational fraud are very dangerous and can cost dearly for the institutions. Fraud detections methods have to be implemented to prevent any fraud activities. Some methods are: Account Review, document exam, getting tips and accidental findings .
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